Sprint, Clearwire Stocks Jump On Softbank Investment Talk S CLWR

Sprint, Clearwire Stocks Jump On Softbank Investment Talk S CLWR
News from Investor’s Business Daily:

Japan’s Softbank is in advanced talks to acquire all or a major stake of Sprint Nextel, a deal that would give the struggling U.S. firm a partner with deep financial pockets.

Sprint Nextel (S) confirmed the negotiations Thursday after media reports surfaced that the two companies were meeting. In a statement , Sprint said the discussions were regarding a “potential substantial investment by Softbank in Sprint.” Such a transaction “could involve a change of control of Sprint,” the Overland Park, Kan.-based company said.

Sprint shares jumped 14.3% Thursday to 5.76, a 16-month high. That gives it a market cap of $ 17.18 billion. Shares of wireless network operator Clearwire (CLWR) rocketed nearly 71% to 2.22. Sprint owns 48% of Clearwire, and a S…………… continues on Investor’s Business Daily

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